Market Leader - Companion Animal Pharmaceuticals Market
The global companion animal pharmaceuticals market is projected to reach USD 18.5 billion by 2026 from USD 12.8 billion in 2021, at a CAGR of 7.6% during the forecast period. Companion animals play an important role in the lives of many, providing a sense of belonging and responsibility. Animal health products, especially pharmaceuticals, are the most widely used products for animal healthcare. They contribute significantly to the health and wellbeing of animals. Companion animal ownership and expenditure have witnessed a significant increase over the years. Pet owners are spending more per pet than ever before. The increasing number of people having pets, emphasis on animal healthcare and vaccination, increasing demand for animal healthcare products, increasing number of veterinary practitioners and their rising income levels in developed economies, increasing prevalence of zoonotic diseases, growth in companion animal adoption, increasing prevalence of animal diseases, and rising demand for pet insurance are some of the factors driving the growth of these markets. However, the limited number of new antibiotics, rising pet care costs, growing resistance to antimicrobials and antibiotics, and rising cost of vaccine storage are restraining the growth of this market to a certain extent
The global companion animal pharmaceuticals market is consolidated at the top, with many leading market players based in developed countries. The prominent players in this market are Zoetis Inc. (US), Merck & Co., Inc. (US), Boehringer Ingelheim GmbH (Germany), Elanco Animal Health Incorporated (US), Ceva Santé Animale (France), Virbac (France), Vetoquinol S.A. (France), Dechra Pharmaceuticals plc (UK), Chanelle Pharma (Ireland), Kyoritsu Seiyaku (Japan), Zydus Animal Health and Investments Limited (India), Tianjin Ringpu Bio-Technology Co., Ltd. (China), HIPRA (Spain), Norbrook Holdings Limited (UK), Inovet (Belgium), Endovac Animal Health (US), ECO Animal Health Group plc (UK), Indian Immunologicals Ltd. (India), ALS Pvt. Ltd. (India), and Lutim Pharma Pvt. Ltd. (India). However, in the past few years, several smaller players have emerged from niche markets, competing with global players based on price and innovation. Due to intense competition in the market, major market players are increasingly focusing on expanding their geographic presence into high-growth emerging markets and strengthening their technological competitiveness in the market by acquiring smaller players with the desired manufacturing and R&D capabilities or geographical presence.
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Zoetis accounted for an estimated share of 25–30% of the companion animal pharmaceuticals market in 2020. The company provides highly diversified products for a wide range of animal species. The company’s broad geographic diversity has enabled it to deliver its animal healthcare products to more than 110 countries worldwide. To maintain its position in the companion animal pharmaceuticals market, the company focuses on providing innovative products, building a strong geographical network, and enhancing its R&D capabilities to deliver measurable and beneficial results for animals.
Merck accounted for an estimated share of 15–20% of the companion animal pharmaceuticals market in 2020. The company’s strong focus on a broad range of animals, investments in collaborations and partnerships, and comprehensive quality systems and processes are driving its growth in the market. The company focuses on acquisitions, expansions, collaborations, and product launches. In July 2020, Merck acquired the US rights from Virbac for the SENTINEL brand of combination parasiticides used to protect dogs against fleas and common intestinal parasites. This helped Merck offer a comprehensive portfolio of products for companion animals.
Related Reports:
Companion Animal Pharmaceuticals Market by Indication (Infectious Diseases, Antibiotics, Parasiticides, Vaccines, Pain), Animal Type (Dogs, Cats, Horses), Distribution Channel (Veterinary Hospitals & Clinics), COVID-19 Impact - Global Forecast to 2026
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